Money and Markets

Double billing glitch: Nedbank took money twice from Capitec clients

Business Insider SA
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  • Nedbank on Friday confirmed it had deducted money for some transactions done via is system twice.  
  • Due to a glitch, some transactions on Monday were processed again in the early hours of Friday morning.
  • Capitec and Nedbank account holders were hit by the glitch.
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* This article is updated regularly as new information becomes available. 

It may pay to take a closer look at your bank statement today: some transactions on Nedbank systems, including card machines, from earlier this week have been deducted twice from bank accounts.

The bank's card machines are used at various stores and other outlets across the country.

On Friday afternoon, Nedbank confirmed that some transactions on Monday, 7 September, were processed again in the early hours of Friday 11 September, by accident. 

"Nedbank can confirm that certain individuals were impacted by a technical error involving the processing of card transactions," the bank said in a statement. 

"A transactional file of 7 September 2020 was erroneously processed on 11 September 2020, resulting in duplicate debits. Nedbank apologises for the inconvenience caused and confirms that the impacted individuals will be reimbursed within 24 hours."

The majority of people affected by the glitch were Capitec account holders. "But there were a few Nedbank clients included in that particular file," a spokesperson confirmed to Business Insider SA.

On Friday morning, after numerous complaints about double deductions from Capitec accounts, a Capitec spokesperson confirmed to Business Insider South Africa that there had been no error on its side.

Capitec did not say how many clients were hit by the double billing, but those affected will receive an SMS notification from Capitec. Capitec's IT team is working with Nedbank to resolve the issue.

On Friday afternoon the Financial Sector Conduct Authority (FSCA) reminded clients that those who do not receive refunds can approach the banking ombudsman to file an official complaint.

"As part of the requirements in the FSCA’s Conduct Standard for Banks, the FSCA will continue to engage with the banking sector and review their systems and processes to avoid such instances occurring in the future," the authority said in a statement.

* This article is updated regularly as new information becomes available. 

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